* Tax rates: Current tax rates will be extended for all wage earners making below $400,000 and couples making below $450,000.

* This was a key concession for both Republicans and Democrats. Democrats wanted the threshold for tax increases to rest at $250,000 and Republicans didn't want marginal tax rates to increase for anyone.

* The estate tax: It was set to increase from rom 35 percent to 55 percent in 2013. Instead, the compromise sets the new rate at 40 percent with the first $5 million worth of property exempt from being taxed.

AS the nation teeters at the edge of fiscal chaos, observers are reaching the conclusion that the American system of government is broken. But almost no one blames the culprit: our insistence on obedience to the Constitution, with all its archaic, idiosyncratic and downright evil provisions.

Posted by Supreme Ruler Of The Universe]]>
Mon, 31 Dec 2012 16:17:35 -0800The Stranger
Which, since it is the largest CONTROLLABLE expense, means any deal without massive cuts in that is in no way Fiscal Prudence.

Time to start paying the piper, and put China on notice we're not going to protect their overseas businesses or shipping lanes with US naval, air, or land forces like we do today.